Despite Mt Gox sell-off, market makers and investors are cautiously optimistic on BTC

Despite the recent sell-off, market makers and investors have a case to remain optimistic on bitcoin's mid-term outlook.

Despite the broad sell-off in the crypto market following Mt Gox's moves to pay out its creditors — resulting in over $665 million in daily liquidations — some market makers and investors remain optimistic about bitcoin's midterm prospects.

“It’s almost as much BTC as will be mined in the first year post-halving," he said. "Yet once digested, there is still plenty of time to reach new all-time high before year-end.” Fusaro also pointed to a recent thread by Galaxy's Head of Research, Alex Thorn, whom Fusaro said “expects much of the BTC will be hodl'd.”Thorn dug deeper into the numbers in that thread, speculating that “fewer coins will be distributed than people think & that it will cause less #bitcoin sell pressure than market expects.”

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